Archived IMT (2008.09.16)

S&P500 Futures drop under 1,180 on S&P's downgrade of AIG. USDJPY drops below 105, eyeing 103.75. Due to broad CHF strength, USDCHF may extend to as low as 1.10 trend line support. Big question whether FOMC will cut its discount rate or fed funds rate, but one of them will need to to be cut in order to avert immediate market deterioration. EURUSD faces interim trend line resistance at $1.43, while cable at $1.8050.